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Wednesday, 22 February 2012

Osborne’s lucky escape on the deficit. Ed Balls, eat your heart out!

As much as I detest all three main parties, the following pleased me, if only to see Ed Balls reaction!

Citi AM Editors Letter by Allister Heath

FOR once, and I can barely believe that I’m
writing this, George Osborne has reason to be happy. The budget deficit
for this fiscal year to date (April 2011-January 2012) was a still
horrendous, Greek-style £93.5bn, but this was down £15.6bn from a year
earlier, a very non-Greek development. This is a much better performance
than expected by the Office for Budget Responsibility (OBR): it was
hoping for a decline of just £9bn for the whole year (from £135.8bn in
2010-11). Unless the situation worsens drastically over the next two
months, it looks as if Osborne’s deficit reduction plans have moved
slightly ahead of target.

Even better was the reason for this improvement: spending is growing
in cash terms at a slower rate, and falling faster in real terms.
Central government current spending has risen by just 1.6 per cent so
far this fiscal year, versus a forecast of a 3.1 per cent rise over the
full year. Local authority finances were also better than expected.
Perhaps less happily, spending on capital projects is also falling
faster than expected, something worth remembering next time a government
minister claims that infrastructure projects are being protected.

Ever mindful of copyright, I'm afraid you are going to have to go to Allister's website to read the rest of the article, but if you are interested in our economy, it's worth the read.

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Who is Ampers?

Ampers Taylor

A retired Marketing and Sales Manager and Journalist, originally from South Africa, who doesn't suffer politicians gladly and likes to share a lifetime of experiences. Recently an unpaid voluntary editor of a community newspaper in Finchley and now webmaster of the Brexit monitoring website watching.org.uk. Also looking after his lovely adorable wife.